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via livemint.comBusiness & Companies

Tata Power says Singapore shares pledged with banks, safe from immediate seizure

FROM THE WIRE · LIVEMINT.COM

The Singapore High Court has directed the city's sheriff to attach and sell Tata Power's shares in Bhira Investments Pte. Ltd. and Tata Power International Pte. Ltd to recover the $650 million it owes Kleros Capital as part of an arbitration award over a coal project in Russia.

Read at the source ↗
MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishA Singapore court order to seize Tata Power's stakes over a $650 million arbitration award could weigh on the group.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01The Singapore High Court ordered the sheriff to attach and sell Tata Power's shares in two entities.
  2. 02The shares are meant to recover $650 million owed to Kleros Capital.
  3. 03The debt stems from an arbitration award over a coal project in Russia.
  4. 04Tata Power says the shares are pledged with banks and safe from immediate seizure.

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